Steer advises on key strategic transaction in the Italian aviation sector

Steer has played an integral role as the Technical and Commercial Advisor in the sale of a 49% stake in 2i Aeroporti, a key player in just under a third of Italy's passenger traffic and roughly 70% of cargo. 

This transaction, which saw the stake sold from Ardian and Crédit Agricole Assurances to Asterion Industrial Partners, marks a significant development in the Italian aviation sector, highlighting the strategic importance of airport infrastructure in the Country. 

Since April 2015, 2i Aeroporti has been jointly owned by Italian fund manager F2i, an Ardian-led consortium, and Crédit Agricole Assurances. During the joint holding period, 2i Aeroporti has expanded and now holds direct and indirect participations in several key Italian airports, including Milan Malpensa, Milan Linate, Naples, Salerno (recently opened to commercial aviation), Turin, Trieste, Bologna, and Bergamo.  

2i Aeroporti is a leading player in the management and operation of Italian airports, significantly contributing to the country’s connectivity and economic development. The transaction underscores the growing investor interest in essential infrastructure assets and highlights the crucial role of airports as hubs for both passenger and cargo traffic. 

As the Technical and Commercial Advisor, Steer provided a comprehensive due diligence assessment of five airports within the 2i Aeroporti portfolio: Milan Linate, Milan Malpensa, Turin, Naples, and Trieste, as well as the new Salerno airport. Our team conducted thorough evaluations of the operational, financial, and technical aspects of 2i Aeroporti to ensure the investment aligned with the long-term objectives of the stakeholders.  

Our advisory role included: 

• Traffic, Revenues and Costs Forecasting: Steer delivered detailed traffic, revenue and opex forecasts, taking into account historical data, market trends, and potential future scenarios. These forecasts were crucial in evaluating the financial viability of the airports and their ability to generate sustainable revenue streams over the long term. 
• Capital Expenditure Assessment: We assessed the capital expenditure (CapEx) requirements for the airports, focusing on planned infrastructure investments, maintenance needs, and potential future expansions. This assessment was key in understanding the financial commitments required to maintain and enhance the airport infrastructure. 

Our advisory services were pivotal in identifying key opportunities and mitigating potential risks associated with the transaction. This transaction is a testament to Steer’s expertise in the infrastructure sector, particularly in aviation. Our deep knowledge of airport operations and market dynamics enabled us to deliver value-added advisory services. 

Steer continues to demonstrate its leadership in providing high-quality advisory services for major infrastructure transactions. We remain dedicated to helping our clients achieve their strategic goals through tailored, expert advice and a deep understanding of industry-specific challenges and opportunities. 

For more information about this project and our advisory services, please contact Marco Concari or Michele Tavani.